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S&P, Nasdaq lower as Nvidia drags for a second day

STORY: Stocks were little changed on Friday, with the S&P 500 and Nasdaq slipping marginally as shares of AI darling Nvidia dropped for a second day.

The Dow edged into the green, while the S&P 500 and Nasdaq saw fractional losses.

Technology was the biggest loser among the 11 major S&P sectors, weighed down by shares Nvidia, which shed more than 3%.

Other semiconductor stocks Qualcomm, Broadcom and Micron Technology all lost ground.

But Tom Hainlin, national investment strategist at U.S. Bank Wealth Management, said Friday's declines were par for the course given the S&P's recent record-breaking run.

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"You know, this is normal, within an upward trending or overall bull market. We saw an all time high on Tuesday before the Juneteenth holiday. And now you get to the end of the week and a little bit of consolidation, a little bit of pullback. But again, this is a kind of normal, modest decline in the overall trend of an upmarket of a bull market that we're seeing right now."

Among other tech stocks, megacaps Microsoft, Alphabet, and Amazon posted solid gains, while Apple slipped 1%.

Spirit AeroSystems shares gained 6% following a Reuters report that Boeing is nearing a deal to buy back the airplane parts supplier after months of talks.

And shares of Sarepta Therapeutics soared more than 30% after the FDA allowed expanded use of the company's gene therapy for young patients with Duchenne muscular dystrophy.